Temecula, Calif.-based Outdoor Channel Holdings Inc. accepted an offer Wednesday from Kroenke Sports & Entertainment LLC to acquire all its outstanding stock for $8.75 per share.
Kroenke submitted a takeover bid for the hunting, fishing and shooting channel after the Outdoor Network already had agreed to a merger agreement with New York-based InterMedia Outdoors Holdings LLC. It controls the Sportsman Channel and publishes more than a dozen outdoor magazines.
Outdoor Channel says it terminated its InterMedia agreement before accepting Kroenke's offer.
Denver-based Kroenke also owns the Colorado Avalanche hockey team, Colorado Rapids soccer team, the Pepsi Center and a majority of the Arsenal, the English soccer club.
The deal's expected to close in the second quarter.